Change of Manager

Govett Asian Recovery Trust PLC
04 November 2003

Govett Asian Recovery Trust PLC

Change of Manager

The Board of Govett Asian Recovery Trust PLC ('GART') notes today's Announcement
made by Allied Irish Banks, p.l.c. concerning the intended sale of certain of
Govett Investment Management Limited's management contracts to Gartmore
Investment Management Plc. The Board confirms that it has decided in principle
that Gartmore Investment Limited will be appointed manager of GART,
conditionally upon settlement of the terms of novation of the management
contract and certain other administrative matters.

Under its articles, GART is required to call a continuation vote by 29 January
2004. The Board is consulting with its advisors and Gartmore and will be writing
to shareholders shortly.

Enquiries:
David Price                             020 7628 8000
Chairman

Angus Gordon Lennox                     020 7588 2828
Cazenove & Co. Ltd                   

END






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